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International Gross Reserves of Ukraine Falls by 15% in Oct

Business Materials 7 November 2008 15:42 (UTC +04:00)

Ukraine, Kiev, 7 November / Trend corr. Z.Novosvitskiy / In October The international gross reserves of the National Bank of Ukraine (NBU) fell by 15% or by $5.6bln - to $31.923bln, the National Bank said.

According to the NBU, amount of operation at the interbank currency market of Ukraine (purchase and sale in dollar equivalent) made up $20.993bln in October. Intervention balance of the NBU at the currency market amounted to -$4.114bln (in dollar equivalent) in October.

In October amount of operation at the cash market of Ukraine (purchase and sale of foreign currencies for hryvna in dollar equivalent) made up $5.150bln, including amount of currencies, purchased by banks from people - $2.106bln. Amount of currency, which was sold to people, made up $3.44bln.

People's bank deposits in currency (in dollar equivalent) dropped by $1.780bln in October and amounted to $13.882bln on 31 October in 2008.

According to the NBU, in September rise of real efficient exchange rate (REER) of hryvna amounted to 14.6% in December 2007, which was conditioned by mainly acceleration of inflation in Ukraine. Its level exceeded by 9.6% its balanced indicator on countries- main partners. At the same time deposit of the REER of hryvna made up +5% because of strengthening of USD at the international markets in August and September.

The correspondent can be contacted at [email protected]

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